Hi,
I've been though this stage with my little boy. It does sound like colic. I'm breastfeeding so I can't offer any help with the formula issue. Is he burping good after feeding? Bubbles can be so painful. Some babies have a hard time clearing their bubbles. Does he gulp when he eats? Mine did, so the nurse suggested that I burp him half way through feeding him. If it is colic, there is not much for it, but time. As he grows, he'll be able to cope better. My little one is almost 4 months old and most of the fussy crying is behind us now. He's exactly the same. He wants to be walked around the house. It does become a distant memory so fast, but getting through it is tough. Hang in there. Ask about some herbal tea that can help with colic. Some of the parents I know who's babies had colic swear by it. They said a few drops of cooled tea in the baby's mouth and it settled them. My mother used to talk about something called 'gripe water.' I don't know what it is but you might be able to find out. Good luck and remember, they grow so fast and this is just a very temporary thing.
Later...
I just read a posting about acid reflux in babies. This is something you should definately look into. It could be the problem and there appears to be a solution to it.